US Treasury Secretary Bessent: Trump tax legislation to restore 100% expensing for equipment, expand to factory construction, provide tax credits and deductions for research and innovation.

US Treasury Secretary Bessent: Trump tax legislation to restore 100% expensing for equipment, expand to factory construction, provide tax credits and deductions for research and innovation.

US Treasury Secretary Scott Bessent expressed confidence on Thursday that China will be willing to reach a deal on tariffs, indicating a potential thaw in the ongoing trade tensions between the two nations. In an interview with Fox Business Network, Bessent stated that the process would be multi-step, starting with de-escalation before moving on to larger trade deals [1].

Bessent's comments come amidst reports that the United States is reaching out to China for tariff talks. This move is seen as a step towards revisiting the phase one trade deal signed under the Trump administration. The Secretary's optimism is buoyed by recent developments, such as a dip in China's export orders in April, which some attribute to the impact of Trump's tariffs [2].

The potential deal could have significant implications for global trade dynamics and the U.S. economy. If successful, it could lead to the removal of tariffs that have been weighing on both countries' trade relations. This could, in turn, stimulate economic growth and boost market confidence.

References:
[1] https://english.alarabiya.net/News/world/2025/05/01/us-treasury-secretary-scott-bessent-confident-china-wants-to-reach-deal-on-tariffs
[2] https://english.alarabiya.net/News/world/2025/05/01/us-treasury-secretary-scott-bessent-confident-china-wants-to-reach-deal-on-tariffs